The Financial Insights eNewsletter is comprised of important and informative articles related to businesses, entrepreneurs and individuals. The articles cover a broad range of topics from retirement to new accounting laws and regulations.
Much has been written and spoken about running a small business. And while certain principles seemed to have achieved immortality—they are virtually looked on as gospel in business circle—some of these are suspect.
If your company started out small but has grown in recent years, you may face new challenges from a human resources standpoint. For example, if you have not done so already, you should develop an employee manual. This document can provide employees with vital information they need while affording you some legal protection. Even if you already have a manual in place, it may need to be updated.
Congress may come to the rescue again, but it appears for now that half-million dollar Section 179 deductions and 100% bonus depreciation deductions will become a thing of the past. But your business can still take advantage of the tax rules in effect for 2012.
Although you cannot deduct the value of the time and effort you expend on behalf of charity, you can still salvage some tax breaks. Specifically, the tax law allows you to write off certain out-of-pocket expenses you incurred while performing charitable duties.